Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$4,056/mo
+$298/mo- Down payment
- $9,592
- Funds due
- $22,088
- Interest + MI left
- $659,225
- First ends
- Mar 2054
New loan
New conventional
$3,758/mo
Lowest payment- Down payment
- $52,500
- Funds due
- $62,673
- Interest + MI left
- $716,578
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $515,408 | $472,500 |
| Second mortgage | — | — |
| First P&I | $3,420.00 | $3,271.49 |
| Second P&I | — | — |
| Mortgage insurance | $243.67 | $94.50 |
| Taxes, insurance & HOA | $392.25 | $392.25 |
| Total housing payment | $4,055.92 | $3,758.24 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$9,592
Closing costs & prepaids$12,496
Usable credit−$0
Total buyer cash needed$22,088
Earnest money paid−$0
Remaining funds due$22,088
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$5,250.00
Title & settlement$1,825.00
Recording fee$100.00
Home insurance (12 months up front)$2,000.00
Insurance escrow (3 months)$500.00
Property tax escrow (3 months)$463.75
Initial HOA (3 months)$213.00
Prepaid interest, first (1 days)$94.19
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 1 days of interest to the end of the closing month.
What is left to pay
The seller already paid down the early, interest-heavy years.
Remaining first mortgage at closing27 yr 4 moOf the original 30-year loan at 6.670%
Interest already paid$93,206Through Nov 2026
Assumption only · ends Mar 2054$659,225
New conventional · ends Dec 2056$716,578